Senators agree to extend homebuyer tax credit

Below is the latest information regarding the first-time home buyers tax credit:

“WASHINGTON (AP) — Senators agreed Wednesday to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers.

The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November. The Commerce Department said Wednesday that new home sales fell 3.6 percent in September, and some industry representatives blamed uncertainty about the tax credit.

Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.

The tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, according to a summary of the legislation being circulated among lawmakers.”

Please feel free to comment on the above article. I’d love to hear what first buyers or soon to be buyers are thingkng about the credit.

Foreclosures in San Jose/Silicon Valley

There seems to be a big window of opportunity for home buying in San Jose and throughout silicon valley due to the number of foreclosures.  For many future home owners that felt left on the sidelines during the real estate boom of a few years ago an opportunity to buy home has not been this good in the past 6-8 years.  The increasing  foreclosures have driven home prices downward and word has it that a second wave of foreclosures this summer will help keep prices low.  This along with historic low interest rates have made it a home buyers haven. 

Buyers, don not miss out on this opportunity to making home ownership a reality.  Speak with your Realtor and get all the information you need to be ready to get into the market and be able to get your offer accepted and close escrow on your future home.  There is no better time than to start today!